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Required information Comprehensive Problem 15-81 (LO 15-1, LO 15-2, LO 15-3, LO 15-4, LO 15-5, LO 15-6) (Algo) [The following information applies to the questions displayed below.] The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is the limited partner, Francesca is the general partner, and they share capital and profits equally. Francesca works full time managing the partnership. Both the partnership and the partners report on a calendar-year basis. At the start of the current year, Lance and Francesca had bases of $12,300 and $4,700, respectively, and the partnership did not have any liabilities. During the current year, the partnership reported the following results from operations: Net sales $ 702, 090 Cost of goods sold 527, 000 ating expenses 0,090 Short-term capital loss 3,600 Tax-exempt interest 3,700 $1231 gain 7,700 On the last day of the year, the partnership distributed $4,700 each to Lance and Francesca. Comprehensive Problem 15-81 Part 1 (Algo) a. What outside basis do Lance and Francesca have in their partnership interests at the end of the year? b. How much of their losses are currently not deductible by Lance and Francesca because of the tax-basis limitation? c. To what extent does the passive activity loss limitation apply in restricting their deductible losses for the year? (For all the requirements, negative amounts should be entered with a minus sign. Leave no answer blank. Enter zero if applicable.) * Answer Is complete but not entirely correct. Lance Francesca a. Year end basis $ 7,600 *$ b. Loss limited by tax basis 3,600 x c. Loss limited by passive activity 7,600 *$ OV